FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Financial Instruments Other than Debt Securities

Fair value-related disclosures for financial instruments other than debt securities were as follows as of the indicated dates (in thousands):

		March 31, 2021				December 31, 2020
	Fair Value Hierarchy	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Secured borrowings-related interest    rate swap agreements	Level 2	$	151	$	151	$	–	$	–
Financial liabilities:
Secured borrowings with initial terms    of greater than 120 days	Level 2		500,000		500,300		500,000		500,100
Unsecured borrowings	Level 2		98,519		75,800		98,493		59,900
Unsecured borrowings-related interest    rate swap agreements	Level 2		27,223		27,223		41,484		41,484

Fair Value and Related Disclosures for Debt Securities

Fair value-related disclosures for debt securities were as follows as of the indicated dates (in thousands):

	Amortized		Gross Unrealized
	Cost Basis		Gains		Losses		Fair Value
March 31, 2021
Agency Securities classified as available-for-sale:
Fannie Mae/Freddie Mac	$	6,788,607	$	72,845	$	18,088	$	6,843,364
Ginnie Mae		553,736		8,894		583		562,047
December 31, 2020
Agency Securities classified as available-for-sale:
Fannie Mae/Freddie Mac		7,235,571		87,158		12,640		7,310,089
Ginnie Mae		617,430		10,541		508		627,463

Securities in Unrealized Loss Position

	March 31, 2021				December 31, 2020
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Securities in an unrealized loss position of one year or greater:
Fannie Mae/Freddie Mac	$	478,686	$	7,519	$	690,227	$	9,533
Ginnie Mae		41,173		424		27,462		285
Securities in an unrealized loss position less than one year:
Fannie Mae/Freddie Mac		1,470,536		10,569		583,870		3,107
Ginnie Mae		44,442		160		41,527		223
	$	2,034,837	$	18,672	$	1,343,086	$	13,148